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https://www.straitstimes.com/busine...sia?_nei=3daabea5-cea7-4e79-8f3b-e6d7a7a57a8e
Cathay Cineplexes ceased operations in September after entering voluntary liquidation.
PHOTO: ST FILE
SINGAPORE – Entertainment group mm2 Asia said on Nov 10 in a bourse filing that UOB has demanded repayment of about $74.6 million from the company and various units.
The sum – which is roughly three times mm2 Asia’s market value of $26 million – follows millions of dollars in payment demands from landlords over the group’s failed Cathay Cineplexes chain.
One of the biggest claims was Frasers Centrepoint Trust’s $2.6 million demand in relation to its Causeway Point lease. Standard Chartered also sent mm2 Asia a $905,000 payment demand in October.
A UOB letter was sent on Nov 7 to mm2 Asia and its subsidiaries mm2 Entertainment, Unusual Management, mm2 Connect and mm Plus.
The last two companies were guarantors, likely for Cathay Cineplexes, which ceased operations in September after entering voluntary liquidation.
According to mm2’s financial statement for the 2025 financial year ended March 31, it had total borrowings of $217 million, of which $201 million was due within a year. Trade and other payables totalled $102.5 million. The group had $310 million in current liabilities as at March 31, against $263.6 million of current assets.
The entertainment group said it is seeking legal advice on UOB’s demand and will continue to monitor the situation.
Earlier in August, mm2 said it had received eight letters of demand totalling $17.6 million, but had added then that it could continue as a going concern.
Shares of mm2 Asia plunged 25 per cent, or 0.1 cent, to 0.3 cent on Nov 10. Trading was heavy with 53.4 million shares changing hands.
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UOB demands $74.6 million payment from former Cathay Cineplexes operator mm2 Asia
Cathay Cineplexes ceased operations in September after entering voluntary liquidation.
PHOTO: ST FILE
SINGAPORE – Entertainment group mm2 Asia said on Nov 10 in a bourse filing that UOB has demanded repayment of about $74.6 million from the company and various units.
The sum – which is roughly three times mm2 Asia’s market value of $26 million – follows millions of dollars in payment demands from landlords over the group’s failed Cathay Cineplexes chain.
One of the biggest claims was Frasers Centrepoint Trust’s $2.6 million demand in relation to its Causeway Point lease. Standard Chartered also sent mm2 Asia a $905,000 payment demand in October.
A UOB letter was sent on Nov 7 to mm2 Asia and its subsidiaries mm2 Entertainment, Unusual Management, mm2 Connect and mm Plus.
The last two companies were guarantors, likely for Cathay Cineplexes, which ceased operations in September after entering voluntary liquidation.
According to mm2’s financial statement for the 2025 financial year ended March 31, it had total borrowings of $217 million, of which $201 million was due within a year. Trade and other payables totalled $102.5 million. The group had $310 million in current liabilities as at March 31, against $263.6 million of current assets.
The entertainment group said it is seeking legal advice on UOB’s demand and will continue to monitor the situation.
Earlier in August, mm2 said it had received eight letters of demand totalling $17.6 million, but had added then that it could continue as a going concern.
Shares of mm2 Asia plunged 25 per cent, or 0.1 cent, to 0.3 cent on Nov 10. Trading was heavy with 53.4 million shares changing hands.
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